What’s In Store For Sui Price After Unlock – Bullish Run Or Correction?
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Sui (SUI) price has recently captured solid attention as it surged above key resistance levels. However, with a major token unlock event approaching on May 1, traders are now watching closely to see whether the bullish momentum will continue or face a correction.
Keep reading to find more updates on how SUI price may perform in the near future.
SUI Price Shows Strong Momentum Ahead of the Token Unlock
When writing, SUI price was trading at $3.39 after losing 5.67% in the last 24 hours. The token successfully broke the critical $3.30 resistance zone but seems to be headed back to it at this point.
Technical indicators supported the ongoing bullish trend. The Relative Strength Index (RSI) stood at 78, which showed SUI crypto was in the overbought region. Meanwhile, the Moving Average Convergence Divergence (MACD) also supported buying momentum.
The price was approaching the psychological resistance level of $4.00 at press time. Traders were closely watching this level because it could attract larger trading volumes. Analysts suggested that maintaining the bullish structure depends heavily on market demand and trading volume.
Whale Activity and DeFi Growth Support Bullish Sentiment
Whale transactions over the past two days showed growing interest in SUI. On April 28, whales purchased $2.59 million worth of SUI at a price of $3.6379. The day before, whales added another $2.21 million at $3.6314.
According to whale activity data, each large purchase has been followed by positive price movement. It supported the view that large investors were expecting further price increases.
Meanwhile, SUI’s decentralized finance (DeFi) ecosystem is growing rapidly. Total Value Locked (TVL) in SUI-based protocols has risen by 40% over the past month. DefiLlama data reported TVL reaching $1.735 billion, while daily decentralized exchange (DEX) volumes were around $500 million.
Those figures suggested strong investor confidence in the SUI network. As Andrew Griffiths noted, “The Total Value Locked and rising developer activity point to strong fundamentals for SUI despite near-term challenges.”
Potential Short-Term Pullback After Token Unlock
Despite the positive momentum, the large token unlock on May 1 brings concerns about selling pressure. Unlocking about 2.28% of the current circulating supply may lead to a temporary increase in available tokens.
If selling pressure increases, analysts expect the price to retest support levels. Key support lies around $3.30, while deeper corrections could test $3.00, aligning with the 10-day exponential moving average (EMA).
Short-term price movement could also depend on whether the market absorbs the new supply without sharp selling. Market participants are preparing for possible pullbacks while remaining optimistic about the long-term outlook.
According to market analytics shared by More Crypto analyst, “Holding the $2.95 to $2.75 range during correction is essential for keeping SUI bulls intact.”
Key SUI Price Levels and Market Outlook
When writing, the support at $3.60 was breached even after having a strong buying presence from the whales. Analysts opined that $4.00 is an important resistance level that may propel SUI even further if crossed.
In case of a pull-back, significant focus needs to be laid to the levels of $3.30 and $3.00. These levels are aligned with the recent consolidation zones and the moving averages, which can be considered key bounce areas.
For instance, Elliott Wave theory may point to the fact that SUI may be in Wave 4 following the Wave 3 rally at the current period. If this correction continues and bounces off the important support levels, SUI price may start Wave 5 and move upwards.
However, there are certain significant political risks in Asia, and price volatility in the international markets may remain a factor for short-term fluctuations. Others are skeptical that these factors can affect external market situations and can bring about some randomness.
However, the stablecoin issuance and the increased engagement in decentralized finance continue to remain active. Such a steady increase can be viewed as evidence for the continuation of the future conceptual development in the SUI ecosystem.
The post What’s In Store For Sui Price After Unlock – Bullish Run Or Correction? appeared first on The Coin Republic.
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